Needham, MA, USA, January 5, 2015 – PTC (Nasdaq: PTC) today announced the appointment of Andrew Miller as Executive Vice President and Chief Financial Officer (CFO), effective February 5, 2015. An accomplished finance executive, Miller has more than 30 years of experience in the high technology and medical technology industries.
Miller will join PTC from Cepheid (Nasdaq: CPHD), a high-growth molecular diagnostics company, where he has served as Chief Financial Officer since April 2008. During his tenure, Cepheid grew its clinical revenue at a compound annual growth rate of 49%, expanded its global installed base to more than 7,500 placements, the largest in molecular diagnostics, established itself as the market leader in molecular healthcare associated infection testing, and expanded its global menu of molecular diagnostics tests to twenty, the broadest menu available on a single platform. While at Cepheid, Miller built world-class finance and information technology teams and a nationally recognized investor relations program. Cepheid saw a more than five-fold stock price appreciation during Mr. Miller's tenure.
"PTC today stands at the threshold of a major new chapter of growth with our opportunity to be a leader helping customers harness the emerging power of the Internet of Things," said Jim Heppelmann, president and CEO of PTC. "The company's entire leadership is focused on executing our strategy to capture this exciting opportunity. Andy is a hands-on leader who has strong strategic, operational, and software experience. His experience helping drive and manage profitable growth in the tech sector is just what we were looking for in our new CFO and we're pleased he's joining the team."
Miller's career also includes financial leadership positions at Autodesk, MarketFirst Software, Cadence Design Systems, and Silicon Graphics. In each role, he helped build and shape strong teams focused on financial strategy and operations. As the Vice President of Finance and Chief Accounting Officer of Autodesk, Miller was part of the team that drove their business transformation effort focused on corporate growth, productivity improvements, and profit expansion. During his tenure, Autodesk revenue doubled, operating margin increased 500%, and the company began its transition to a subscription software licensing and delivery model. Miller began his career at accounting firm Deloitte and Touche. Miller also serves on the Board of Directors of United Online, Inc. (Nasdaq: UNTD), a leading provider of consumer products and services over the internet.
"I am excited to join the management team of a company that is so well positioned for growth," said Miller. "I believe PTC is entering a significant market opportunity and has defined a leadership position for itself that will generate long-term shareholder value."
Miller replaces Jeff Glidden, who announced in August, 2014 his intention to retire. Mr. Glidden will serve as a consultant to the Company for a transition period following Mr. Miller's commencement of employment with the Company.
Concluded Heppelmann, "we are grateful that Jeff Glidden capped off his distinguished career by helping PTC to build a strong financial foundation that will serve the company for many years to come and by helping PTC reposition itself for strategic growth. The company has enjoyed tremendous success during Jeff's tenure. We wish him the very best in his retirement."